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Crypto

Coinbase CLO says lawmakers cannot back CLARITY and oppose stablecoin rewards

Coinbase has publicly pressed the U.S. Congress to clarify whether stablecoin rewards will be allowed. Paul Grewal, Coinbase’s chief legal officer, said lawmakers who support the CLARITY Act should also oppose proposals to ban stablecoin rewards. The dispute centres on a Senate compromise that would bar passive yield on stablecoin balances while permitting limited activity-based rewards. Grewal said deposit-flight claims are theoretical, and a White House report estimated a minimal lending impact.

Crypto

U.S. banks-White House clash intensifies as stablecoin interest compromise becomes flashpoint

U.S. banking groups are broadening their Senate lobbying against a CLARITY Act compromise that would partly allow interest-like returns on stablecoins. The proposal being coordinated by senators Thom Tillis and Angela Alsobrooks would ban passive yield on stablecoin balances but allow activity-based rewards. The Consumer Bankers Association has challenged a White House-backed analysis on the effects of an interest ban. The White House has criticised banks’ additional lobbying, while the bill’s timetable remains unclear.

Crypto

U.S. Clarity Act delays release of stablecoin interest language until after next week

Language on stablecoin returns, a key issue in the U.S. Congress-led Clarity Act digital asset regulation bill, has been delayed again. The current draft keeps a ban on paying interest on idle stablecoin balances while allowing returns tied to activities such as trading. Senator Thom Tillis had planned to release the wording this week, but it is now likely to come after next week as Senate Banking Committee review timing remains unclear.